Michigan Compiled Laws

Mich. Comp. Laws § 38.553 (2026)

Retirement system funds; treasurer as custodian; bond; disbursement of funds; execution of voucher or warrant; authorization.

✓ current as of July 2026

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FIRE FIGHTERS AND POLICE OFFICERS RETIREMENT ACT

Act 345 of 1937

38.553 Retirement system funds; treasurer as custodian; bond; disbursement of funds; execution of voucher or warrant; authorization.

Sec. 3.

The treasurer of the city, village, or municipality shall be the custodian of all funds of the retirement system and shall be required to give a good and sufficient bond to the retirement board for the faithful performance of his or her duties and the safekeeping of all money collected under this act. The bond shall be paid by the city, village, or municipality. The treasurer shall issue warrants for the disbursement of the funds of the retirement system upon the receipt of a voucher signed by at least 2 members of the retirement board other than the treasurer. The treasurer shall not execute a voucher or warrant unless the voucher or warrant has been previously authorized by resolution adopted by the board.

History: 1937, Act 345, Eff. Oct. 29, 1937 ;-- Am. 1945, Act 256, Eff. Sept. 6, 1945 ;-- Am. 1947, Act 229, Imd. Eff. June 17, 1947 ;-- CL 1948, 38.553 ;-- Am. 1989, Act 7, Imd. Eff. May 3, 1989

PopularName Notes:

Act 345

Notes of Decisions

Cited in 1 case (1 in the last 5 years), 2025–2025 · leading case: Kevin Androsian v. City of Taylor (Mich. Ct. App. 2025).

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Kevin Androsian v. City of Taylor (Mich. Ct. App. 2025). · cites it 2× “553 provides: The treasurer of the city, village, or municipality shall be the custodian of all funds of the retirement system and shall be required to give a good and sufficient bond to the retirement board for the faithful performance of his or her duties and the safekeeping…”

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